Altcoin Platform Coinexchange.io Closes for Financial Reasons

Altcoin trading platform Coinexchange.io has announced that it is shutting down due to financial difficulties.

In a statement on Oct. 1,  the platform noted that the closure was purely a business decision and is not connected to any security breach or other incident.

No longer economically viable

Coinexchange.io is currently seeing daily traded volumes of roughly $700,000, according to CoinMarketCap, and supports more than 500 altcoins. The platform stated:

“Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.”

Gone in two weeks

Trading and deposits on Coinexchange.io will be suspended on Oct. 15. Traders are being urged to halt any activity as soon as possible. 

The website and withdrawals will remain operational until Dec. 1, the deadline by which users are being asked to remove all remaining funds. 

Coinexchange.io has said that it may return in the future should market conditions change.

Recent closures across the globe

As Cointelegraph previously reported, Coinone Global Exchange, a Malta-based platform launched by major South Korean exchange Coinone, terminated its services in mid-September.

Also in September, Thailand’s leading cryptocurrency exchange Bitcoin Co. Ltd announced that it would not be seeking to hold a Digital Asset Exchange license from securities regulators in 2020 and would therefore halt all trading operations.